《大行報告》高盛升農夫山泉(09633.HK)評級至「買入」 降康師傅(00322.HK)及統一(00220.HK)評級至「中性」
高盛發表研究報告指,中國食品及飲料市場年初至今復甦步伐較預期疲弱,拖累農夫山泉(09633.HK)的股價自3月底起累計下跌10%,但其過去五年增長表現大幅跑贏行業,考慮到公司推動飲品業整合的往績及行業壁壘相對較高,預期農夫山泉可繼續實現超越同業的銷售及純利表現,維持目標價49元,但將投資評級從「中性」升至「買入」。
該行預期所覆蓋中國餐飲股份中,農夫山泉今年處於最佳位置,預期該公司較少受到糖成本上升的影響,而且今年以來銷售勢頭亦更好,預測全年銷售額將按年增長17%,而統一(00220.HK)及康師傅(00322.HK)銷售額料增長8%至9%。
高盛將統一及康師傅的評級下調至「中性」,並將2023至2025年的銷售預測下調5%、2%及2%,反映年初至今的需求弱於預期,目標價分別從9.5元及15.7元,下調至7.8元及14.2元。
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